{"id":2596,"date":"2021-07-15T13:14:50","date_gmt":"2021-07-15T18:14:50","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=2596"},"modified":"2024-07-04T13:12:25","modified_gmt":"2024-07-04T18:12:25","slug":"how-to-incorporate-a-business","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/start-a-business\/how-to-incorporate-a-business","title":{"rendered":"How to Incorporate a Business in 6 Steps"},"content":{"rendered":"\n<p>Incorporating is a big step for your small business, and the process can be a bit overwhelming. Which corporate structure should you choose? What paperwork do you need to file? Are there any legal issues, or should you discuss them with a lawyer? But don\u2019t panic. Incorporating should be an exciting step in your professional career, and it doesn\u2019t have to be a&nbsp; headache.&nbsp;<\/p>\n\n\n\n<p>Here\u2019s everything you need to know to incorporate your business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Does_it_Mean_to_%E2%80%98Incorporate_your_Business\"><\/span>What Does it Mean to \u2018Incorporate your Business\u2019<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Incorporation simply means registering your business as a corporation, which is a new and separate legal entity. Instead of the business being tied to its one or two owners and employees, a corporation has a different ownership structure.&nbsp;<\/p>\n\n\n\n<p>Shareholders are the individuals who purchase stock, or partial ownership, in the corporation. They also elect a board of directors. The board is responsible for setting policy, management structure, and appointing the officers. Finally, the officers are those who actually run the company on a daily basis. Officers include the CEO, CFO, CMO, secretaries, and so on.<\/p>\n\n\n\n<p>This change signifies a level of maturity and organization that does not always come across when you are operating as a freelancer, sole proprietorship, or partnership. Incorporating makes your business more enticing, not only for customers but also for investors, creditors, and vendors. There are other benefits to incorporating as well, including liability protection and tax advantages.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_Does_Incorporation_Work\"><\/span>How Does Incorporation Work?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Incorporating is not nearly as complicated as it might initially seem. Once you decide incorporation is the right step for your company, you can choose a name, the state you want to incorporate in and start drafting the required documents.&nbsp;<\/p>\n\n\n\n<p>You will also need to select the appropriate corporate structure:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>LLC: <\/strong>An <a href=\"https:\/\/www.northone.com\/blog\/financial-management\/llc-business-insurance\">LLC is a limited liability company<\/a>. These are popular among small businesses and sole proprietors. They offer the advantages of the corporate structure without creating shares and splitting up ownership.<\/li>\n\n\n\n<li><strong>C-Corp: <\/strong>Corporations can\u2019t be owned by shareholders instead of individuals or businesses. However, individuals and businesses can become shareholders. <a href=\"https:\/\/www.northone.com\/blog\/start-a-business\/what-is-a-c-corp\">C-Corp is the most popular type of corporation<\/a>. The company\u2019s profits are taxed once, and then dividends to shareholders are taxed on personal tax returns as well.&nbsp;<\/li>\n\n\n\n<li><strong>S-Corp: <\/strong>An <a href=\"https:\/\/www.northone.com\/blog\/start-a-business\/s-corp-vs-c-corp\">S-Corp is very similar to a C-Corp<\/a> with one key difference. Profits and losses \u201cpass-through\u201d to the owner and are taxed at the personal income tax rate. A C-Corp can become an S-Corp at any time and vice versa. However, an S-Corp is limited to 100 shareholders.<\/li>\n<\/ul>\n\n\n\n<p>It\u2019s important to note that the incorporation process is regulated at the state level, and cities might have added requirements. You should consult your secretary of state office and discuss your options with a lawyer to make sure you\u2019re complying with local regulations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Do_you_need_to_Incorporate_your_Business\"><\/span>Do you need to Incorporate your Business?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Incorporating isn\u2019t necessarily for everyone. But it is essential for those who want to take their business to the next level and set it up for long-term success. Incorporating offers a number of key legal and financial benefits.&nbsp;<\/p>\n\n\n\n<p>The most important benefit that incorporating your business offers is personal asset protection. A sole proprietor or general partner to an unincorporated business has unlimited liability for any of the debts and obligations of the business. So, if the business runs into financial troubles and defaults on loans, the owner\u2019s personal assets &#8211; like their savings, house, or car &#8211; could be reached to pay off creditors.&nbsp;<\/p>\n\n\n\n<p>Incorporating puts owners and managers in a position of limited liability. The business exists as a separate legal entity, so any debts and obligations are unique to the company. An owner or manager\u2019s personal assets can\u2019t be used to fulfill any of those obligations.<\/p>\n\n\n\n<p>Incorporating comes with several other key benefits:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Tax advantages:<\/strong> Different corporate structures offer different tax advantages. Your company can elect to be taxed as a corporation so that you don&#8217;t have to report profit and loss on your own income tax return. Filing as an S-Corp offers the ability to avoid double taxation of certain profits and dividends as well.<\/li>\n\n\n\n<li><strong>Deductible expenses: <\/strong>Corporations can deduct business expenses before distributing income or dividends to its owner.<\/li>\n\n\n\n<li><strong>Credibility and maturity: <\/strong>Incorporating adds a degree of legitimacy to your business, making it more attractive to customers, creditors, investors, and vendors.&nbsp;<\/li>\n\n\n\n<li><strong>Name protection: <\/strong>Even though you can only incorporate in one state, most other states will recognize your company\u2019s existence and will not let other entities copy your business.<\/li>\n\n\n\n<li><strong>Longevity: <\/strong>The company exists independently of any owners or managers. So, even if the initial owner were to die or step away from their position, the company would continue to exist.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Should_You_Incorporate_or_Start_an_LLC\"><\/span>Should You Incorporate or Start an LLC?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Deciding between an LLC, C-Corp, and an S-Corp is about what\u2019s right for you and your business. Each option gives the owners limited liability and various tax and financial advantages. The primary <a href=\"https:\/\/www.northone.com\/blog\/start-a-business\/s-corp-vs-llc\">difference between an LLC and a corporation <\/a>is the ownership structure.&nbsp;<\/p>\n\n\n\n<p>An LLC is very similar to a sole proprietorship or a partnership. Rather than issuing shares of stock, individuals, and companies retain ownership of the LLC. This is the popular choice for sole proprietors and other small businesses.&nbsp;<\/p>\n\n\n\n<p>Larger companies often choose to incorporate. This requires the company to issue shares of stock. This might split up ownership, it comes with a tax advantage. Corporations are typically taxed at a lower rate than individuals.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Incorporate_Your_Business\"><\/span>How to Incorporate Your Business<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_Decide_to_incorporate\"><\/span>1. Decide to incorporate<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Before you decide to incorporate, make sure you\u2019re fully aware of all the financial, legal, and managerial advantages of incorporating. Once you decide that incorporating is right for you, you can <a href=\"https:\/\/www.moneycrashers.com\/choose-best-legal-structure-business\/\">choose the structure<\/a> that best suits your needs: LLC, S-Corp, or a C-Corp.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_Choose_the_state_where_you_want_to_incorporate\"><\/span>2. Choose the state where you want to incorporate<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Picking the state to incorporate or establish an LLC should not be a confusing step in the process. Many people think that incorporating in certain states is beneficial for tax or other financial reasons. While true, it is not always easy or cheap to incorporate in a state you don\u2019t actually operate in or have a physical presence in.<\/p>\n\n\n\n<p>Most corporations and LLCs are set up in the state where they primarily operate. This avoids any unnecessary confusion, typically costs less, and avoids franchise taxes and annual reporting in multiple states. Once your corporation is established in one state, you can then register to do business in other states.&nbsp;<\/p>\n\n\n\n<p>For businesses that do operate in multiple states or are located outside the U.S., selecting the state to incorporate is a bit more serious. Consider registering in the state where you\u2019ll be doing most of your business otherwise, consult a tax attorney to see if there is another state that might be a better fit.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_Choose_and_reserve_a_name_for_your_business\"><\/span>3. Choose and reserve a name for your business<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>You may already have a name picked out, maybe the name you have been operating under. But, you need to make sure that the name is unique. Your secretary of state won&#8217;t allow two corporations to use the same name. This wouldn\u2019t only create confusion in the market, but it would also tread too close to trademark infringement.&nbsp;<\/p>\n\n\n\n<p>Most states offer an online directory where you can search your name to see if it is taken or if there is something too similar. Once you settle on an available name, you might be able to reserve it for 60 to 120 days while you finish incorporating. Remember, you\u2019ll also need to add Inc., Corp., or Co. to the end of your name to signify its new status.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_Hire_a_registered_agent\"><\/span>4. Hire a registered agent<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A registered agent is a person or other company in the state where you incorporate that will accept official mail on your new company\u2019s behalf. This can be one of the directors, officers, or employees of the company. An attorney for the business can also serve as the registered agent so long as they have an office in that state as well. States make this a requirement so they know where to send service of process if your company is sued and other official correspondence.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_Prepare_and_File_Articles_of_Incorporation_with_the_State\"><\/span>5. Prepare and File Articles of Incorporation with the State<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Articles of Incorporation (also called a corporate charter or certificate of incorporation) is a required document to create a corporation. The Articles contain the business\u2019s essential information like the name, office location, registered agent, number and type of shares, and name of the incorporator.&nbsp;<\/p>\n\n\n\n<p>Some states will ask for added information including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A mission statement or an explanation of the company\u2019s purpose<\/li>\n\n\n\n<li>Contact information for the Board of Directors<\/li>\n\n\n\n<li>Contact information for the company\u2019s officers<\/li>\n<\/ul>\n\n\n\n<p>Most states have templates ready to go on the secretary of state\u2019s website. Otherwise, there are other online sources full of templates that you can use as well.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Place_your_order_for_incorporation\"><\/span>6. Place your order for incorporation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Once the Articles of Incorporation are drafted, you can file them with the state. The filing fee varies from state to state, ranging from $100 to $500. You can file by going to your state\u2019s secretary of state website and following the steps there. You could also consult an incorporation service such as LegalZoom or an attorney who can help you through the process.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Next_Steps_After_Incorporation\"><\/span>Next Steps After Incorporation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>After incorporating, the work is not done. There are still steps you need to take to make sure your company is being run properly. These so-called \u201ccorporate formalities\u201d include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Apply for an employer identification number (EIN)<\/li>\n\n\n\n<li>Apply for the appropriate licenses and permits in your state<\/li>\n\n\n\n<li>Draft corporate bylaws<\/li>\n\n\n\n<li>Start a new corporate record book<\/li>\n\n\n\n<li>Open a business bank account<\/li>\n\n\n\n<li>Do not comingle the company\u2019s funds with personal funds<\/li>\n\n\n\n<li>Hold your first corporate meeting<\/li>\n<\/ul>\n\n\n\n<p>Make sure to check with your state to see if they have any additional requirements. Not following the state rules of incorporation puts your business at risk. It might also jeopardize the limited liability given to owners and managers since the company is not being run properly. Follow these \u2018corporate formalities\u2019 to make sure everything is above board.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity is-style-dots\"\/>\n\n\n\n<p>North One is a simple and fast Business Deposit Account. We help builders and makers manage their money by making banking effortless.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_much_money_does_it_cost_to_incorporate\"><\/span>How much money does it cost to incorporate?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Incorporating costs a couple of hundred dollars depending on where you incorporate. After filing, you can be approved within a matter of weeks.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_should_you_incorporate\"><\/span>When should you incorporate?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There is not necessarily a \u201cbest\u201d or \u201cworst\u201d time to consider incorporating. It depends on the business\u2019s financial situation and your goals with the company. If you plan to operate long-term, there are advantages to incorporating sooner. But, if you\u2019re not sure about your own goals and the company\u2019s longevity, you might want to consider operating as a sole proprietorship before incorporating.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_does_it_mean_for_a_business_to_be_incorporated\"><\/span>What does it mean for a business to be incorporated?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A business that is incorporated is its own separate legal entity. This means that it exists and operates independently of any of its owners, managers, directors, or officers. The corporation has its own legal and contractual obligations, credit history, and finances.&nbsp;<br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Incorporating is a big step for your small business, and the process can be a bit overwhelming. Which corporate structure should you choose? What paperwork do you need to file?&#8230;<\/p>\n","protected":false},"author":4,"featured_media":2597,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[154],"tags":[],"class_list":["post-2596","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-start-a-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Incorporate a Business in 6 Steps | NorthOne<\/title>\n<meta name=\"description\" content=\"Discover the 6 steps to incorporate your business including the costs of incorporation, how to file necessary paperwork, and the benefits of this entity type.\" \/>\n<meta name=\"robots\" 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